Rihanna has two shots at taking home the biggest prize of the evening - the Video of the Year trophy - after landing nods for her solo smash We Found Love and her Drake collaboration Take Care, while Gotye's Somebody That I Used To Know, Katy Perry's Wide Awake and M.I.A.'s Bad Girls are also in contention.
Rihanna will also battle it out for Best Female Video, Best Pop Video, Best Choreography and Best Visual Effects.
Drake, who was once romantically linked to the Umbrella hitmaker, was nominated in categories including Best Hip Hop Video, Best Art Direction, Best Cinematography and Best Male Video - where he will go up against his rival, Chris Brown.
Katy Perry has landed four nominations, while several acts are in the running with three nominations, including Beyonce, Coldplay, Frank Ocean and M.I.A.
The Best New Artist race is between fun. (We Are Young), Carly Rae Jepsen (Call Me Maybe), Frank Ocean (Swim Good), One Direction (What Makes You Beautiful) and The Wanted (Glad You Came).
R&B singer Alicia Keys and boyband One Direction are among the acts set to perform at the 29th annual ceremony, which will take place at Los Angeles' Staples Center on 6 September.